Profile picture for lasulit

What would cause a sudden decrease in the Zestimate value?

  • March 15 2010 - West Chicago
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Answers (6)

Profile picture for Erick Rodriguez
Recent sales, is them main reason
  • October 11 2010
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Don't let one number fool you. Your appraisers office probably either has comps and a value for your home. A Realtor should certainly give you the BEST indication of value in todays market. You can hire and pay for a professional appraisal. If you are not going to sell anytime soon or refinance, I would probably just forget about what you see online. After all there is a reason they call it a Zestimate, it is Zillows ESTIMATE!
  • September 29 2010
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Profile picture for egelandgroup
The Zestimates are not really that accurate, especially in a more volatile market (which we are in)

For your particular area it may be that there were no recent comparable sales for some time & as things begin to sell the values can be significantly lower than they were a year or 2 ago.  Short sales & foreclosures do have an impact as well...although your home may be superior to these sales, they pull all values down with them.
  • March 17 2010
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Profile picture for nwhome.us
Wetdawgs, I think Zillow filters out distressed properties when possible.  Even RealList is flagging them.
I'd simply settle for: a sale, with similar characteristics to the OPs home, that sold for less than it was previously valued at.
  • March 15 2010
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Profile picture for wetdawgs
A recent sale of a foreclosure or distressed house in your neighborhood may be being used as a comp and can have a big impact.

  • March 15 2010
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Who knows. The zillow estimate is very frequently incorrect to begin with. No one really focuses on that if they are serious about buying a property. There are much more accurate ways of doing a market analysis to determine value.

philip
  • March 15 2010
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